Texas County & District Retirement System said it has approved a $150m (€135.9m) commitment to the Cerberus Real Estate Debt Fund.
According to sources, Cerberus is planning to raise $750m for the Debt Fund which is also being backed by the Teachers’ Retirement System of the State of Illinois with a $125m commitment.
The fund, which will be considering real estate debt opportunities in both Europe and the US, will target a gross internal rate of returns in the range of 10% to 13%, according to sources.
Cerberus will be looking at a variety of investment structures including mezzanine, first mortgages, performing loans, commercial mortgage-backed securities and special situations.
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